030: A PEEQ into the Shark Tank with Shane Cox
A PEEQ to the Shark Tank
Following a lucrative exit from the sale of his first company, Shane Cox let it all ride on his second venture that quickly became an unscalable and capital exhaustive business that bled him dry. After liquidated all of his assets, and selling the last of his prized possessions, Shane doubled-down on the one promising component of his solution – the QBall – a microphone imbedded into a dodge-ball. Over the course of the next two years, Shane scraped by, often sleeping in his car to afford any event that would allow him to pitch his product. In time, the product gained traction and on his third attempt, Shane was invited onto the set of Shark Tank.
This Sunday, October 1st, Shane’s moment in the tank will be featured on the season premier. On this week’s episode of SalesFounders, we explore the business Shane has built and his rollercoaster ride of validation and traction that has led him to one of the most coveted entrepreneurial stages.
“I spent a lot of time with my target market. It was their excitement about the product that kept pushing me forward.”
ON THIS EPISODE WE DISCUSS:
- Stuck in an unscalable business and knowing when to cut bait
- Fighting to stay afloat when your startup has bled you dry
- Indicators of product market fit and knowing when it’s time to go “all in”
- Growth Hacking – integrating your product with strategic partners to generate growth and exposure
- Stages of Growth – leveraging the value of resellers and a channel distribution model
- Inventory management – how to fund expensive inventory to support sales growth
- Making the decision to audition for Shark Tank after two rejections
- Prepping for the sharks – figuring out how and what to pitch
- The marketing reach of Shark Tank for an early startup
- Preparing for the aftermath of the shark tank
- The challenges of solopreneurship and the importance of commitment
Why a throwable microphone, you ask? The Qball is a fun and dynamic way to engage and interact with your audience, whether that audience is a bunch of fans at a comic book expo, a room full of third graders, or your boss on the other end of that video conference. The fun doesn’t stop there, think Corporate Training, Youth Groups, Concerts, Churches, Video Production, and even Karaoke. With the Qball everyone can Be A Part Of It.